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Earnings Growth & Price Strength Make Axon Enterprise (AXON) a Stock to Watch

If you're a beginner investor, the idea of creating a portfolio from the ground up can feel like an impossible goal to achieve. That's why you should start by looking at stocks that are set to beat the market over the next 12 months, a strategy that's been proven to generate strong returns.

Let's now take a look at one standout stock that could be a perfect fit for your portfolio.

Why You Should Pay Attention to Axon Enterprise (AXON)

Headquartered in Scottsdale, AZ, Axon Enterprise, Inc. develops and manufactures weapons for selling to U.S. state and local governments, the U.S. federal government, international government customers and commercial enterprises. Focused on global public safety, Axon’s suite of products includes conducted energy devices, body-worn cameras, in-car cameras, cloud-hosted digital evidence management solutions, productivity software and real-time operations capabilities. The company generates the majority of its revenues through direct sales, including its online store. Its market for body-worn and in-car cameras is exposed to intense competition from Motorola Solutions, Panasonic Corp., Reveal Media, Safe Fleet and Digital Ally Inc., among others. The market for software solutions is vulnerable to competition from Motorola Solutions, Panasonic Corp., IBM, Oracle, FotoWare and Vidizmo, among others. On a geographical basis, the company has operations in the United States (86% of 2023 net sales) and other international markets (14%). Axon operates under the following two segments

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AXON was added to the Zacks Focus List on June 3, 2020 at $97.85 per share. Since then, shares have increased 199.58% to $293.14.

Four analysts revised their earnings estimate higher in the last 60 days for fiscal 2024, while the Zacks Consensus Estimate has increased $0.19 to $4.68. AXON also boasts an average earnings surprise of 40.5%.

Additionally, Axon Enterprise's earnings are expected to grow 13% for the current fiscal year.

Because stock prices react to revisions, buying stocks with rising earnings estimates can be very profitable. Focus List stocks like AXON offer investors a great opportunity to get into a company whose future earnings estimates will be raised, potentially leading to price momentum.

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Axon Enterprise, Inc (AXON) : Free Stock Analysis Report

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Zacks Investment Research